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insurance is still available for 2 million people, and that lays the groundwork then for additional deficit reduction and economic growth steps that we can take in the new year. but let's not miss this deadline. that's the bare minimum that we should be able to get done. >> majority leader reid is ready to follow through on an up or down vote. reid said in a statement -- "at president obama's request, i am readying a bill for a vote by monday that will prevent a tax hike on middle class families, making up to $250,000, and that will include the additional critical provisions outlined by president obama." president obama pointed out the danger of inaction. >> the economy is growing, but sustaining that trend is going to require elected officials to do their jobs. the housing market is recovering, but that could be impacted if folks are seeing smaller paychecks. the unemployment rate is the lowest it's been since 2008. but already, you're seeing businesses and consumers starting to hold back, because of the dysfunction that they see in washington. >> the president's stern statement echoed the
insurance is still available for 2 million people, and that lays the groundwork then for additional deficit reduction and economic growth steps that we can take in the new year. but let's not miss this deadline. that's the bare minimum that we should be able to get done. >> majority leader reid is ready to follow through on an up or down vote. reid said in a statement -- "at president obama's request, i am readying a bill for a vote by monday that will prevent a tax hike on middle...
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Dec 24, 2012
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beaten with a stake in order to get something substantial accomplished in terms of long-term budget deficit reduction. lou: i can tell you, your metaphor, it pro the is welcomed that nearly every year or in the country right now because the idea of being these politicians with something right now is compelling. i mean, this is really getting stupid. >> it's like spare the market, spoil the policymakers. lou: as we look at these numbers that are coming in, you were watching, as we have talked for some time. the bernanke bubble is rising. now, it's getting rather potent and driving this market. are we now seeing that shift, we are talking about over four and a half billion shares today, above the average all week. it looks like we're starting to see a real turn to equities. are we? >> that could be the case. if you believe money market rates will stay close to 0% until the middle of 2015 and ten year treasurys will climb above 2% anytime soon. it makes a great deal of sense. >> i agree. it is going to happen, and he has his paddle to the metal. he is not a point change. lou: he being ben bern
beaten with a stake in order to get something substantial accomplished in terms of long-term budget deficit reduction. lou: i can tell you, your metaphor, it pro the is welcomed that nearly every year or in the country right now because the idea of being these politicians with something right now is compelling. i mean, this is really getting stupid. >> it's like spare the market, spoil the policymakers. lou: as we look at these numbers that are coming in, you were watching, as we have...
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Dec 27, 2012
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medicaid deficit finance right now. those are key parts of a safe bet that we'll b will be fallinr their own financial weight unless they are fixed. what we really have to do on behalf of the next generation. gerri: they want to raise the debt ceiling again, as a matter of fact by monday we will be out of dough. it is unconscionable to me we are in this position again. let's remember what happened last time. the market sold off, the economy went into the tank. will that happen all over again? >> i think it is a serious possibilities out like to make that they don't mix the debt ceiling in with the fiscal cliff. we have to get to next without a self-inflicted recession and take on the debt ceiling which a symptom of the national debt. if we can deal with the national debt, we can get a deal on the debt ceiling. but that is a lot of work. gerri: the war of words going on is not helping. harry reid saying it is republicans fault and somebody from boehner's office said harry reid has to talk less and legislate more. it is c
medicaid deficit finance right now. those are key parts of a safe bet that we'll b will be fallinr their own financial weight unless they are fixed. what we really have to do on behalf of the next generation. gerri: they want to raise the debt ceiling again, as a matter of fact by monday we will be out of dough. it is unconscionable to me we are in this position again. let's remember what happened last time. the market sold off, the economy went into the tank. will that happen all over again?...
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Dec 29, 2012
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american looking for a job, and lays the groundwork for future cooperation on more economic growth and deficit reduction. you guys, i can hear you over there. i believe such a proposal could pass both houses with bipartisan majorities. as long as those leaders allow it, to actually come to a vote. if members of the house or the senate want to vote no, they can, but we should let everybody vote. >> i would actually really like to know who he was shushing there. but to his main point, here's what the president intends to do. senators reid and mcconnell will try to come to a deal. if they fail, the white house and harry reid are going to try to jam through a bill that increases taxes on rich people and extends unemployment insurance, which are the two key democratic priorities. they'll pretty much dare republicans to block it. and republicans probably won't be able to, at least not for long. here's johnny isaacson, a republican senator from georgia, over the weekend. >> if we get down to the end of this year, and the only choice we have is to save taxes going up on the middle class, then i would
american looking for a job, and lays the groundwork for future cooperation on more economic growth and deficit reduction. you guys, i can hear you over there. i believe such a proposal could pass both houses with bipartisan majorities. as long as those leaders allow it, to actually come to a vote. if members of the house or the senate want to vote no, they can, but we should let everybody vote. >> i would actually really like to know who he was shushing there. but to his main point,...
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Dec 30, 2012
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is in the white house, deficits don't matter. can you tell us a little bit about the philosophies of the two candidates? well now, the president and the ex-candidate. will the situation be that much different if there was a different man in the white house? guest: well, look, it's an interesting question. it is certainly true that tax policy was one of the key sort of issues in the last election. and actually, the debate that we're having if it sounds familiar, it's because we've had it several times before. it was really a similar debate to what we had in 2008. we had the same debate in 2010. we had a similar debate in 2011 when we were dealing with the debt ceiling issue the first time around. and we dealt it with it in the last election. and the differences have always been that president obama has maintained that tax cuts should be allowed to expire for people making more than $250,000. mitt romney called for extending all the tax cuts fully. and making other changes to the tax code. but, you know, i mean, he wouldn't be in o
is in the white house, deficits don't matter. can you tell us a little bit about the philosophies of the two candidates? well now, the president and the ex-candidate. will the situation be that much different if there was a different man in the white house? guest: well, look, it's an interesting question. it is certainly true that tax policy was one of the key sort of issues in the last election. and actually, the debate that we're having if it sounds familiar, it's because we've had it several...
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Dec 23, 2012
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we hear politicians talk about deficits and debt all the time. >> debt,. >> deficit. >> deaf. debt. >> how they can get it to slow down or tick back the other way continues to be the challenge. but first, where we have been. >> let's look at debt through history. the amount we owe has ebbed and flowed. our country's habit of spending more than it takes in is nothing new. while wree currently at the highest level of debt our country has seen, 1835 saw the lowest recorded debt at just $34,000 under president andrew jackson. it was an unsuccessful assassination attempt on him that year. in 1865 a president that did parish from such an attack, president abraham lincoln over saw a debt of $3 billion. fast-forward to black tuesday in 1929. the most devastating stock market crash in the history of the united states. our national debt rose to $17 billion then. then came world war ii, a very expensive one. and by d-day in 1945 our debt ballooned to $259 billion, a quarter of a trillion dollars. and then to more recent times. the 2008 financial crisis. the amount of our debt our country
we hear politicians talk about deficits and debt all the time. >> debt,. >> deficit. >> deaf. debt. >> how they can get it to slow down or tick back the other way continues to be the challenge. but first, where we have been. >> let's look at debt through history. the amount we owe has ebbed and flowed. our country's habit of spending more than it takes in is nothing new. while wree currently at the highest level of debt our country has seen, 1835 saw the lowest...
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Dec 29, 2012
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not even close fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but the fiscal problems facing the country which is democrat or republican. tom: do you have any hope that the blame game can be put aside so they can get some work done? in the private sector these people would be fired. >> absolutely. this is a do nothing congress, the least active in fur years when it comes to policy making, and the reason we are here is that the delay decisions for the past two years. i do think that something will happen because if it doesn't the consequences will be so severe in the next year again over 9 percent unemployment and a significant slowdown in an already slow economy. tom: but the blame game, who is going to g
not even close fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but the fiscal problems facing the country which is democrat or republican. tom: do you have any hope...
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tom: will that tax solve the deficit spending? >> it will if you include 2%, 250,000 for couples, 200,000 for individuals and above. you start taxing capital gains and dividends, reinstate that and get rid of $109 billion in rporate taxes every year. you're looking it over $300 billion. ." tom: upside-down by trillion closet -- a trillion dollars. not even close to fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but the fiscal problems facing the country which is democrat or republican. tom: do you have any hope that the blame game can be put aside so they can get some work done? in the private sector these people would be fired. >> absolutely. this is a do nothing congress, the least active in four years whe
tom: will that tax solve the deficit spending? >> it will if you include 2%, 250,000 for couples, 200,000 for individuals and above. you start taxing capital gains and dividends, reinstate that and get rid of $109 billion in rporate taxes every year. you're looking it over $300 billion. ." tom: upside-down by trillion closet -- a trillion dollars. not even close to fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class...
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they want them to carry the burden of reducing the deficit and refuse to ask higher income individuals to pitch in to fully share responsibility. and that is exactly what is happening. it is important to know that republicans are now demanding that the wealthiest of the very wealthiest estates in this country get a sweetheart deal on estate taxes which would help 7,200 families in the country next year get an average tax break of $1.2 million. and they are holding up tax relief for everybody else in the country in order to get this demand met for the very wealthiest estates. this isn't even the top 1%. this is a fraction of 1%. while they want to give those folks a big break they want folks on social security to pay more. and so this is a major setback. it is interesting to hear mitch mcconnell talking about his good faith efforts. he knows that he just threw a monkey wrench into the negotiations y. think he is also doing it to protect speaker boehner and the republicans and the house because he doesn't want to send them a deal that he knows they are going to vote down. >> let's talk a
they want them to carry the burden of reducing the deficit and refuse to ask higher income individuals to pitch in to fully share responsibility. and that is exactly what is happening. it is important to know that republicans are now demanding that the wealthiest of the very wealthiest estates in this country get a sweetheart deal on estate taxes which would help 7,200 families in the country next year get an average tax break of $1.2 million. and they are holding up tax relief for everybody...
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Dec 23, 2012
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on middle-class americans, protects unemployed for 2 million americans and lays the groundwork for deficit reduction. that's an achievable goal. that can get done in ten days. once this legislation's agreed to, i expect democrats and republicans to get back to washington and have it pass both chambers. >> jared bernstein, is this actually a setback for the president insofar as the embarrassed speaker was someone at least with whom he was dealing and now the president really doesn't have a negotiation partner? >> i don't think so. i do think in a way it's a setback for the nation because the president and speaker boehner were actually moving to a credible, plausible compromise at the very beginning of the week. and, of course, that's horribly off track now when john boehner decided to go to plan b. i think the leverage if anything is enhanced by this. the problem is i don't know why republicans would nibble at this idea of essentially passing the senate bill. that's what he was describing today sometime before the end of the year when they can wait a few days, go over the cliff and tax rate
on middle-class americans, protects unemployed for 2 million americans and lays the groundwork for deficit reduction. that's an achievable goal. that can get done in ten days. once this legislation's agreed to, i expect democrats and republicans to get back to washington and have it pass both chambers. >> jared bernstein, is this actually a setback for the president insofar as the embarrassed speaker was someone at least with whom he was dealing and now the president really doesn't have a...
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with leaders of both parties to try and forge an agreement that would grow our economy and shrink the deficit. a balanced plan that would cut spending in a responsible way but also ask the wealthiest americans to pay a little more. and above all, protect our middle class and everybody who is striving to get into the middle class. i still want to get this done. it is the right thing to do for our families, four or businesses and for our entire economy but the hour for immediate action is here. it is now. we're now at the point where in just four days every american's tax rates are scheduled to go up by law. every american's paycheck will get consider bring smaller. and that would be the wrong thing to do for our economy. it would be bad for middle class families and it would be bad for businesses that spend, depend on family spending. fortunately congress can prevent it from happening if they act right now. i just had a good and constructive discussion here at the white house with senate and house leadership about how to prevent this tax hike on the middle class. and i'm optimistic we may stil
with leaders of both parties to try and forge an agreement that would grow our economy and shrink the deficit. a balanced plan that would cut spending in a responsible way but also ask the wealthiest americans to pay a little more. and above all, protect our middle class and everybody who is striving to get into the middle class. i still want to get this done. it is the right thing to do for our families, four or businesses and for our entire economy but the hour for immediate action is here....
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doesn't contribute to the deficit. and we're talking about the deficit. why should social security be discussed in that context? >> completely off the table? >> absolutely. absolutely. and that was the -- and that was our position during the campaign. social security has nothing to do with the deficit. does not contribute to it. walled off from it. its own trust fund with $2.7 trillion in it at the moment. and the american people by huge majorities say we shouldn't be cutting social security or for that matter medicare benefits. you can cut medicare in ways you don't cut benefits and the hypocrisy of republicans that said that democrats are terrible because they took $716 billion from medicare for obama care and what do we want to do? pocket the cuts and add more. our chief demand is entitlement cuts. medicare and social security. >> talk about the debt ceiling and where this is played in to this conversation. that is coming up in february or supposed to come up in february. john boehner made the offer to take it off the table for a year but i want to sho
doesn't contribute to the deficit. and we're talking about the deficit. why should social security be discussed in that context? >> completely off the table? >> absolutely. absolutely. and that was the -- and that was our position during the campaign. social security has nothing to do with the deficit. does not contribute to it. walled off from it. its own trust fund with $2.7 trillion in it at the moment. and the american people by huge majorities say we shouldn't be cutting social...
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explodes the deficit. hurts middle class employment. none has anything to do with the problem that we have which is number one in revenue we are spending too much and number two job creation. none of this helps either one of those things joe trippi and you know that is true. >> i don't know that is true and we won't agree about that. we will agree about one thing. going over the cliff will be far worse than what the president has put forward as a solution. >> sean: no, it is not. >> yes, it will. why don't we go over the cliff and get it over with. that makes sense to me, sean. >> sean: i say from the beginning he wanted to go over the cliff. he gets to blame republicans, tax everybody and gets defense cuts he never dreamed of through se see questions traition. we still have trillion dollars deficits. >> we got to be honest here. >> let's be honest both parties have been lying to the american people about that for years for decades sean. it is not a dam problem. >> sean: and no president has spent like this reckless spender. billy cunni
explodes the deficit. hurts middle class employment. none has anything to do with the problem that we have which is number one in revenue we are spending too much and number two job creation. none of this helps either one of those things joe trippi and you know that is true. >> i don't know that is true and we won't agree about that. we will agree about one thing. going over the cliff will be far worse than what the president has put forward as a solution. >> sean: no, it is not....
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Dec 26, 2012
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we are looking at the deficit of this year and looking at deficit of that size as far as the eye can see and not how to put together a minor package as chuck was talking about. this is the larger deal. the problem you have, obviously, not much time so i think you're likely to see a two-step process here. dealing with the immediate dynamics to, in fact, set up a situation to deal with the larger situation. but ultimately, here, the other element to occur is this is a real negotiating process. i have to say i was disappointed in the president when he used this line, when the speaker said to him, hey, i'm giving you $800 billion. what do i zbhet the president's response was nothing. the white house has to come up with -- >> the response of the white house is times is different. 2011 is 2011. doesn't speaker boehner get less out of a smaller deal? >> no, no. i think he wants a larger deal and going back to august of 2011, they were -- they got very close to the large deal. richard, pushing back in terms of a little bit in terms, look, this is a negotiating process. one side can't say you
we are looking at the deficit of this year and looking at deficit of that size as far as the eye can see and not how to put together a minor package as chuck was talking about. this is the larger deal. the problem you have, obviously, not much time so i think you're likely to see a two-step process here. dealing with the immediate dynamics to, in fact, set up a situation to deal with the larger situation. but ultimately, here, the other element to occur is this is a real negotiating process. i...
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Dec 28, 2012
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president obama's plan cuts the deficit, it does not. it restrict future increases in the deficit. it is in the $24 trillion debt in 2015 will only be $20 trillion. [talking over each other] stuart: address the question. [talking over each other] >> let me answer you. we have a fundamental disagreement whether in a situation like this when the economy is of whether the government needs to cut spending. i do not believe it does. you believe it does. we have a fundamental difference how to proceed forward. stuart: what we need more than anything else is to stimulate the private sector and you don't do that with more spending and we need to control long-term entitlement spending. we have to reform entitlement programs. that would fix things. stuart: i agree with you on a ladder but not the former. stuart: where's the president's reform program? >> that proposed -- absence something the democrats -- [talking over each other] >> you want to get rid of medicare and medicaid? stuart: that is always what you say. that is not true. why did you raise the eligibility age 65 to 67? raise the r
president obama's plan cuts the deficit, it does not. it restrict future increases in the deficit. it is in the $24 trillion debt in 2015 will only be $20 trillion. [talking over each other] stuart: address the question. [talking over each other] >> let me answer you. we have a fundamental disagreement whether in a situation like this when the economy is of whether the government needs to cut spending. i do not believe it does. you believe it does. we have a fundamental difference how to...
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we still have a huge deficit. if we do not take on spending, then the cliff may not seem like a cliff but will be a downward slide to make us like greece. no lodnger a viable economic power. >> hang on. we'll continue this. we have to take a quick break. the fiscal cliff has the president sounding like new york yankees legend yoeg gi ber ra. >> this is deja shz vu all over again. americans want to know why you can't get stuff down in an organized timetable. >> so if we all saw it coming, why did congress wait so long to do something about it? why do toys for tots and hasbro trust duracell to power their donated toys? duralock power preserve. it locks in power for up to 10 years in storage. guaranteed. duracell with duralock. trusted everywhere. anyone have occasional constipation, diarrhea, gas, bloating? yeah. one phillips' colon health probiotic cap each day helps defend against these digestive issues with three strains of good bacteria. approved! [ female announcer ] live the regular life. phillips'. >>> we are
we still have a huge deficit. if we do not take on spending, then the cliff may not seem like a cliff but will be a downward slide to make us like greece. no lodnger a viable economic power. >> hang on. we'll continue this. we have to take a quick break. the fiscal cliff has the president sounding like new york yankees legend yoeg gi ber ra. >> this is deja shz vu all over again. americans want to know why you can't get stuff down in an organized timetable. >> so if we all saw...
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Dec 27, 2012
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and it immediately moved to deficit reduction and how to do it. and that was a very fundamental, important shift in the conversation. >> we have to go, but -- we have to go, but i heard that after the show, sam stein will be on twiner. you can be there, too. >> we can get together. >> we have another important item, though, which is the biggest hurdle arguably to president obama's second term agenda. that's something you're probably never going to hear about, literally. people think of the filibuster as a talk athon to stop action in the senate. but nowadays it has been attacked with a constant extreme of silent filibusters. up next, the talking filibuster ahead live. >>> time for the your business preer oes weeks. amber and mark started north carolina's based footsteps clothing which had a booming christmas themed pajama liven. not wanting to be jump a seasonal line of christmas, they added other opportunities. for more, watch "your business." sunday morning at 7:30 a.m. everyone loves surprise parties. yeah, so last week we had a surprise party
and it immediately moved to deficit reduction and how to do it. and that was a very fundamental, important shift in the conversation. >> we have to go, but -- we have to go, but i heard that after the show, sam stein will be on twiner. you can be there, too. >> we can get together. >> we have another important item, though, which is the biggest hurdle arguably to president obama's second term agenda. that's something you're probably never going to hear about, literally. people...
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Dec 23, 2012
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about 2% is a manageable deficit. the problem over the past three years is that we are at 60% and 24%. that gap is too big. at what level do you set the tax rate and what level do you have the spending rates? taxing a 24% will probably never happen. the question is, where is that middle ground do you end up? the bowles-simpson commission had 21%. members of congress have insisted that it does not go higher than 18%. that is the fight that will play out over the next couple of years. how much do we tax? how much are we paying for it? host: we want to remind our viewers and listeners of the consequences of going off of the fiscal cliff. in terms of the tax increases, it would mean another $221 billion. .he bush tax cuts expiring i payroll tax relief would expire and raise another $95 billion. i dish the provisions expire -- additional provisions expire for $65 million. the new affordable care act taxes would raise $18 billion. $65 billion in spending cuts for the budget control act, otherwise known as sequestration. $26
about 2% is a manageable deficit. the problem over the past three years is that we are at 60% and 24%. that gap is too big. at what level do you set the tax rate and what level do you have the spending rates? taxing a 24% will probably never happen. the question is, where is that middle ground do you end up? the bowles-simpson commission had 21%. members of congress have insisted that it does not go higher than 18%. that is the fight that will play out over the next couple of years. how much do...
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we still have a trillion-dollar deficit. we've got a lot of work to do. >> we do have a lot of work to do all i ask is we get the work down. stephen moore, always a pleasure to talk to you. we'll be talking a lot in 2013. >>> coming up, the great tax debate that stephen was just talking about. does raising tax on the wealthy really hurt the economy? i'll give you an answer after this. >>> the biggest issue in all the fiscal cliff wrangling is taxes. it's not the most important issue, but it's the central one. grover norquist told you his strong opposition to any tax increases of any sort. many republicans share his view. let's look at the economy. obviously across the board tax increases would hurt the economy. but what will the real economic reaction be to small tax increases on the wealthiest americans? now, annie lowrie of the "new york times" is still with us. i always have to make sure my viewers understand i am not advocating for tax increases on the rich. i want to explain what could happen. i want to bring in jean za
we still have a trillion-dollar deficit. we've got a lot of work to do. >> we do have a lot of work to do all i ask is we get the work down. stephen moore, always a pleasure to talk to you. we'll be talking a lot in 2013. >>> coming up, the great tax debate that stephen was just talking about. does raising tax on the wealthy really hurt the economy? i'll give you an answer after this. >>> the biggest issue in all the fiscal cliff wrangling is taxes. it's not the most...
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Dec 28, 2012
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they aren't serious about our nation's debts and deficits. we are $16 trillion in debt, we are running out of money yet again, trillion dollars deficits every year for the past four years, and get this, we are also borrowing at this moment 46 cents of every dollar they spend in washington. on top of that social security is going bankrupt, as is medicare, and all obama is fighting for is increasing taxes that will only pay for 8 1/2 days of government spending. now president obama has not been a leader on this. he's not been serious. he's been acting weak and, of course, clinging to his radical ideology. enough is enough. maybe it's time to have the republicans call the president's bluff. let him take the country over the fiscal cliff if he so chews. republicans were elected to get the fiscal house in order. maybe it's time to stand up for your kids, your grandchildren. maybe they should dig in their heels and say they are looking out for the future and future generations. maybe now is is a time to take a principle stand and say they are not g
they aren't serious about our nation's debts and deficits. we are $16 trillion in debt, we are running out of money yet again, trillion dollars deficits every year for the past four years, and get this, we are also borrowing at this moment 46 cents of every dollar they spend in washington. on top of that social security is going bankrupt, as is medicare, and all obama is fighting for is increasing taxes that will only pay for 8 1/2 days of government spending. now president obama has not been a...
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in the deficit. wait a second. i have an audio problem. a what? >> i'm sure brad will correct me when comes up. you will see efforts on immigration reform and gun control and the biggest trade deal in the last generation. the pivot to asia and other foreign policy. >> laura: going to do all this by eg executive decision becaue last time i checkle he still had a republican house. >> stop the extraordinary fiscal cliff negotiations and go back to regular order and pass a real budget and provide an alternative. >> laura: the democrats also might take that advice to pass a budget. >> stop the games and go back to committee process and let paul ryan do his job and have the big debate. >> let's go to you brad on this. i say this to my republican friends. though are all upset he will do executive fiat and rule making. elections have consequences the old cliche quicks in and it is clear that the president s aggressive and he will use every means at his dice posal and if republicans don't like it he will say
in the deficit. wait a second. i have an audio problem. a what? >> i'm sure brad will correct me when comes up. you will see efforts on immigration reform and gun control and the biggest trade deal in the last generation. the pivot to asia and other foreign policy. >> laura: going to do all this by eg executive decision becaue last time i checkle he still had a republican house. >> stop the extraordinary fiscal cliff negotiations and go back to regular order and pass a real...
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if we're going to have a good solution that gets at our deficit and reduce our debt everything has to be on the table and we'll deal with it. it's great to have rules. we just like to know what they are so we can make the right investments moving forward. >> even if it puts us in a climate of slow growth, even more slow growth than the economy which would be the kind of a climate where you as a ceo wouldn't want to invest in that anyway, you know what i mean? >> so i think a grand bargain won't create a slow economy. i think it will restore confidence and we'll all invest. we'll know what the rules are and the game plan is. weied be ready to move ahead. we have opportunities to grow all the way around the world. we need to know where to put our capital investment. if we know what the rules are, we'll invest. 60% to 65% of our costs are people and we put people back to work every day. >> you don't expect a grand bargain? >> no. >> meaning? >> a short-term fix and perhaps a recession. they talk about this bungee approach and i don't think that's helpful. let's take it away from american
if we're going to have a good solution that gets at our deficit and reduce our debt everything has to be on the table and we'll deal with it. it's great to have rules. we just like to know what they are so we can make the right investments moving forward. >> even if it puts us in a climate of slow growth, even more slow growth than the economy which would be the kind of a climate where you as a ceo wouldn't want to invest in that anyway, you know what i mean? >> so i think a grand...
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Dec 27, 2012
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agrees that you can't set this nation's economy on a healthy path that cease going to take care of our deficit and make it a managinin bart of gdp. he knows we can't asked the republicans to raise it 1.2, 1.3 trillion in revenue. he's reached out and made cig nif kant concessions and the response to that was nothing. it is pathetic. >> jaret, let me ask you, if we go over the cliff, what ps? is there not an immediate impact on people with unemployment insurance and other things? i mean, what happens if we go over this cliff? >> well, you really have to distinguish between going over the cliff and quickly reversing the damage, meaning in a matter of weeks, which is still impossible. if we go over and stay over, a couple of million people will lose their unemployment benefits. eventually, taxes will increase for millions of others. the payroll tax holiday will probably be gone either way. once we go over the cliff, the economic pain will be forthcoming. >> and can be significant. give me a yes or no. are we going over the cliff? or will it be a last-minute deal? >> i think we're going over. >> y
agrees that you can't set this nation's economy on a healthy path that cease going to take care of our deficit and make it a managinin bart of gdp. he knows we can't asked the republicans to raise it 1.2, 1.3 trillion in revenue. he's reached out and made cig nif kant concessions and the response to that was nothing. it is pathetic. >> jaret, let me ask you, if we go over the cliff, what ps? is there not an immediate impact on people with unemployment insurance and other things? i mean,...
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Dec 29, 2012
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insurance is still available for 2 million people, and that lays the groundwork then for additional deficit reduction and economic growth steps that we can take in the new year. >> joining us now from capitol hill. south dakota republican senator john thune, a member of the budget committee. so, senator, what do you make of the president's plan? >> i'm just glad the president is engaged. you can't do big things in washington, d.c. without presidential leadership. that's what we haven't had. the fact that he is now owe table. better late than never i would argue. at least he is at the table presenting something that will give us a chance hopefully to get some bipartisan support in the senate and perhaps get something to the house that will avert what everybody agrees is a major economic disaster. but we're still waiting for the details and obviously there is a long ways to go and this is a very -- there is going to be a tough needle to thread in order to get this done. >> see, i don't understand why the democrats think that this is an economic disaster going off the cliff since really it's j
insurance is still available for 2 million people, and that lays the groundwork then for additional deficit reduction and economic growth steps that we can take in the new year. >> joining us now from capitol hill. south dakota republican senator john thune, a member of the budget committee. so, senator, what do you make of the president's plan? >> i'm just glad the president is engaged. you can't do big things in washington, d.c. without presidential leadership. that's what we...
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forward to deal with comprehensive tax policy in a fair and responsible way and let's deal with the deficit and the balance in a fair away. john boehner basically said no to all of that. and that's really not acceptable leadership. >> is there any -- should harry reid amend the bill that the house sent over at all? the fact is, harry reid has -- needs to add republican cooperation. he wants to say, look, this isn't a game. this isn't show. you know, i can bring out a bill, pass a bill. if john boehner says i'm not going to look at that, what's the point? let's make something happen here. that is what the american people are looking for. we're concerned about the fiscal and economic policies. there's a recovery period that we're experiencing to put more challenges before the economy both consumers and investors. let's create certainty. let's make sure that we pass tax cuts for -- you know, for the majority, the advanced majority, 98%. and let's get that done and move through the regular process to deal with the bigger questions. i'd like to ask you before we go, obviously, the governorship i
forward to deal with comprehensive tax policy in a fair and responsible way and let's deal with the deficit and the balance in a fair away. john boehner basically said no to all of that. and that's really not acceptable leadership. >> is there any -- should harry reid amend the bill that the house sent over at all? the fact is, harry reid has -- needs to add republican cooperation. he wants to say, look, this isn't a game. this isn't show. you know, i can bring out a bill, pass a bill. if...
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they say they want deficit reduction. if you go over the cliff, you get deficit reduction, you just don't get it in the responsible, accountable way. it's like chopping off on arm. >> like says i want a shower, i'm going to niagra falls. >> they still can't get it done. we're dysfunctional. no other explanation. >> i think they can stop the roller coaster and make it go. they're doing a dance now because republicans don't want to do something to rates. obama wants to play hardball. but i think they'll have a different argument later in the year. >> i guess both believe it's better to go over the falls than cut a deal that's going to hurt them at home. tea party people don't respond to boehner or to cantor or mccarthy or any of them. somebody in the next tea party is going to be yelling from the back, you sold us out. i think that's why the tea party is never going to be functional. they don't really respond to getting things done. they respond to anger back home. >> i think 2014 democrats are also aware of these tax incre
they say they want deficit reduction. if you go over the cliff, you get deficit reduction, you just don't get it in the responsible, accountable way. it's like chopping off on arm. >> like says i want a shower, i'm going to niagra falls. >> they still can't get it done. we're dysfunctional. no other explanation. >> i think they can stop the roller coaster and make it go. they're doing a dance now because republicans don't want to do something to rates. obama wants to play...
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Dec 23, 2012
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you were a member of the bowles-simpson deficit commission and voted for the final report. let's remind people. that proposed almost $3 trillion in spending cuts. president obama's last offer, the one that the republicans rejected, was less than $1 trillion in spending cuts. we checked. that would be less than 2% of the $44 trillion the government will spend over the next decade. again, is that the best democrats can do? 2% of all the spending over the next deca >> you know, this conversation means exactly what is wrong in washington. i mean, just listen to the conversation you just had. it is he said/she said, blame the other guy. and, look, i tried to be constructive here and lay out an actual plan to get us nearly $4 trillion, by taking the offers that are on the table. speaker boehner and the president were so close and then speaker boehner went off on plan b. i never understood why. had no prospect of succeeding. it did not succeed, even in his own caucus. but now -- >> you are not answering my question. >> yes. because i'll tell you, something, because we only have ni
you were a member of the bowles-simpson deficit commission and voted for the final report. let's remind people. that proposed almost $3 trillion in spending cuts. president obama's last offer, the one that the republicans rejected, was less than $1 trillion in spending cuts. we checked. that would be less than 2% of the $44 trillion the government will spend over the next decade. again, is that the best democrats can do? 2% of all the spending over the next deca >> you know, this...
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Dec 28, 2012
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we have a $16 trillion deficit right now. we have the deficit because of social security, medicaid, medicare, welfare, food stamps -- all policies put into effect by the democratic party. everything is socialism. thomas jefferson said it best -- the republic is doomed. people sacrifice -- i'm a libertarian. i am more objective. i'm not a republican or democrats. i have to wonder if i want to live in this country. 29% of americans got some kind of assistance when ronald reagan was president. i have to consider and i'm considering moving to a tropical island and watching america go down the drain. we need to abolish social security, medicare, and medicaid. host: i will stop you there. we appreciate your thoughts. joseph says -- will go back to stay but by the president on the passing of norman schwarzkopf. host: "his legacy will e ndure." back to your calls. caller: good morning. god bless us. [indiscernible] where is the love? .e're at a church when the president and everybody was running. the church was all over the program.
we have a $16 trillion deficit right now. we have the deficit because of social security, medicaid, medicare, welfare, food stamps -- all policies put into effect by the democratic party. everything is socialism. thomas jefferson said it best -- the republic is doomed. people sacrifice -- i'm a libertarian. i am more objective. i'm not a republican or democrats. i have to wonder if i want to live in this country. 29% of americans got some kind of assistance when ronald reagan was president. i...
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Dec 30, 2012
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it's trying to cut the deficit. >> right, the cuts that everyone is talking about that are in the sequester, those have already been decided and those are in the bank, but as you lk to change current law, the tax cuts expire tomorrow. to replace a bunch of them, to find new revenue and then not continue to cut does not get us out of our hole. so that's the problem. is we're looking at a very small band aid that doesn't get us through the next hurdlhurdle. it keeps us as a fiscal precipice that we've been trying to get out of for 17 months. >> you heard the words used by mitch mcconnell and harry reid, do you see this as a breakdown? or is it just more brinksmanship? >> as you know, even the most distant viewer observer far away from washington would know that these are never resolved before the absolute last-minute. so to get anything resolved today would be surprising. i think people are pushing on both sides of the bargaining table. asking for a little more, a little more. there's going to have to be more budgeting. but it is a good sign as was mentioned before. that the vice president is
it's trying to cut the deficit. >> right, the cuts that everyone is talking about that are in the sequester, those have already been decided and those are in the bank, but as you lk to change current law, the tax cuts expire tomorrow. to replace a bunch of them, to find new revenue and then not continue to cut does not get us out of our hole. so that's the problem. is we're looking at a very small band aid that doesn't get us through the next hurdlhurdle. it keeps us as a fiscal precipice...
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Dec 23, 2012
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demanding to deficit-reduction. -- demanding deficit reductions. tell me where there are. interest rates have been going up in the other direction. to get back to something else that we were talking about a few minutes ago. tax expenditures, tax breaks, deductions and credits that you were mentioning, they are as billable to individuals as some -- as valuable to individuals as some of the mentor programs to those as on the spending side. they have as much political support and will be as difficult to get rid of or change. like medicare or social security. some to get back to your question, -- so to get back to your question, that is the reason why tax reform will be so difficult here. if there is a provision still in the tax code coming is there because it has political support and it will be difficult to get rid of. host: one of our viewer says, how well wall street react to the fiscal cliff? we know there will be a deal. will stocks dropped anyway? -- drop anyway? do you follow the market? guest: i do. it is possible the market will reflect displeasure or concern cliff.
demanding to deficit-reduction. -- demanding deficit reductions. tell me where there are. interest rates have been going up in the other direction. to get back to something else that we were talking about a few minutes ago. tax expenditures, tax breaks, deductions and credits that you were mentioning, they are as billable to individuals as some -- as valuable to individuals as some of the mentor programs to those as on the spending side. they have as much political support and will be as...
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to reduce the deficit more than any other deficit reduction package. >> mohammed aladarin is the ceo of pimco and mark zandy is a chief moist at moody's analytics and joining me in studio is christine romans. the gdp for the u.s. grew at 3.1% over the summer. that's more than double the rate of the previous quarter. you can see the chart, it's been choppy, but it looks like we're going in the right direction. america's economy is gaining pace, doing better than expected. and we've been saying the 2013 could be the year of a real economic renaissance in the united states or at least the beginning of one. talk to me about the consequences to our prosperity if washington doesn't reach a deal. >> the consequences are not good. so what the numbers are telling you is that the private sector is healing. and if the private sector were left to its own devices, it would heal faster. unfortunately, washington is getting in the way. and what we find out this week, ali, is that the problem is not just a lack of trust between democrats and republicans, we found out that the republicans themselves
to reduce the deficit more than any other deficit reduction package. >> mohammed aladarin is the ceo of pimco and mark zandy is a chief moist at moody's analytics and joining me in studio is christine romans. the gdp for the u.s. grew at 3.1% over the summer. that's more than double the rate of the previous quarter. you can see the chart, it's been choppy, but it looks like we're going in the right direction. america's economy is gaining pace, doing better than expected. and we've been...
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are you going to pay down the deficit? if you are going to use it for more government spending we don't want a part of it. senator mcconnell on the republican side seemed to get frustrated because he felt like the democrats were slow walking the th, 18 hours without a response. mcconnell made a call to a well known senator, joe biden to see if he could help. >> we're willing to work with whoever can help. no single issue remains an impossible sticking point. a sticking point appears to be a willingness and interest or frankly the courage to close the deal. >> reporter: as senate aide says it was designed to try to jumpstart the talks and consequences of getting a tax increase is a huge concern. >> gregg: what went awry in these talks? >> you heard senator thune. a fiscal cliff deal is a new way calculating inflation that would lower social security payments. democrats say they would do it as part of much bigger deal but it was off the table for the smaller deal they are working on. so democrats called it a poison pill. >>
are you going to pay down the deficit? if you are going to use it for more government spending we don't want a part of it. senator mcconnell on the republican side seemed to get frustrated because he felt like the democrats were slow walking the th, 18 hours without a response. mcconnell made a call to a well known senator, joe biden to see if he could help. >> we're willing to work with whoever can help. no single issue remains an impossible sticking point. a sticking point appears to be...
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working with house speaker john boehner and trying to get a big deal that dealt with tax reform and deficit reduction. that fell apart and talks have largely been stalled this entire time. there was a lost pressure to get something done. we have seen some of the impacts of the fiscal cliff. consumers saying they have been more cautious with their holiday spending because of the uncertainty in washington. economists warn it could get worse and the markets could be foiled if we go over the fiscal cliff. taxes will go up for the average american by about $2,000 and could put us back into a recession. >> which nobody wants to see. kristen welker in hawaii. the president is coming back, but they haven't gotten the 48 hour notice. they are very much out there in play. thank you very much for joining us. appreciate it. when the senate returns tomorrow morning, there will be a new emphasis on members taking a larger role in the fiscal cliff negotiations that based off the current offer may only have a smaller deal. a member of the budget committee and outspoken voice on the left side of the aisle.
working with house speaker john boehner and trying to get a big deal that dealt with tax reform and deficit reduction. that fell apart and talks have largely been stalled this entire time. there was a lost pressure to get something done. we have seen some of the impacts of the fiscal cliff. consumers saying they have been more cautious with their holiday spending because of the uncertainty in washington. economists warn it could get worse and the markets could be foiled if we go over the fiscal...
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reduce the deficit by 10 or 12%. so it's a question at this point of what sort of hollow, empty meaningless symbolic gesture daus washington want to make and how many group of people do they want on the altar to make that gesture. >> what's so interesting here is that we're talking about the republicans fighting to protect 1.2% of the american public from a tax increase. 98.2% of taxpayers are below the $250,000 threshold so it's kind of amazing in congress, particularly when we're talking about the house, that he's made a pledge around tacks that its willing to allow 98.2% of americans to pay more by going over -- around this curve, it's more of a curve than a cliff. but i think the issue of the deficit is important. i don't think it's a symbolic gesture. one of the things that we've seen is $200 million we've started carving off the deficit. and the question is the time frame of deficit reduction, right? it's how fast, over what time trajectory do we see health? we've been making improvements over the past three ye
reduce the deficit by 10 or 12%. so it's a question at this point of what sort of hollow, empty meaningless symbolic gesture daus washington want to make and how many group of people do they want on the altar to make that gesture. >> what's so interesting here is that we're talking about the republicans fighting to protect 1.2% of the american public from a tax increase. 98.2% of taxpayers are below the $250,000 threshold so it's kind of amazing in congress, particularly when we're...
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and really, is not interested in a balanced approach to deficit reduction. it's been pretty clear that that's the story we have been telling and it happens to be the truth. >> i understand that two of colleagues proposed cuts to medicare for a hike in the debt ceiling. what do you make of that offer? >> i think one of the things that people don't realize is that it's a dirty little secret. the republicans don't want to cut the things that americans want cut. and they want to cut things that americans don't want cut. poll after poll shown americans do not want deficit reduction done by cutting medicare and medicare and social security. so they propose and saw the same scenario when paul ryan put the budget out and because the american people rejected the kind of draconian cuts that the republicans want to make so, you know, that's a nonstarter in the senate. i think it's a nonstarter with the president. sure can pass the house but going nowhere past that. >> the smaller offer we hear that the president is making at 3:00, to congressional leadership, what kind
and really, is not interested in a balanced approach to deficit reduction. it's been pretty clear that that's the story we have been telling and it happens to be the truth. >> i understand that two of colleagues proposed cuts to medicare for a hike in the debt ceiling. what do you make of that offer? >> i think one of the things that people don't realize is that it's a dirty little secret. the republicans don't want to cut the things that americans want cut. and they want to cut...
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christmas should be a day of joy and celebration and recent tragic events gave this year's holiday a deficit feeling. >> reporter: in newtown, connecticut, it was a day of lingering heartache. empty stockings hung as reminders of loss filled with gifts and police helps for time with their families. >> glad we can do it. >> a pleasure to help them out. >> police officers giving police officers time off, you couldn't ask for a better christmas gift. >> reporter: in the new york area, still without homes because of hurricane sandy, volunteers tried to deliver holiday spirit, handing out food, toys and blankets at relief centers. >> people came out to help people. you can't put a price on that or buy that either. >> reporter: in places spared direct tragedy americans marked it with their own ways keeping those less fortunate in their thoughts. >> when people are suffering and going through hardship, many, many people come to offer their help in whatever they can do. >> reporter: across the nation, americans attended church services and spent time with family and friends. at the mitchell home out
christmas should be a day of joy and celebration and recent tragic events gave this year's holiday a deficit feeling. >> reporter: in newtown, connecticut, it was a day of lingering heartache. empty stockings hung as reminders of loss filled with gifts and police helps for time with their families. >> glad we can do it. >> a pleasure to help them out. >> police officers giving police officers time off, you couldn't ask for a better christmas gift. >> reporter: in...
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who should pick up the burden for deficit reduction? working people who have seen their wages go down or the top 2% who have done phenomenally well, while their effective tax rate, as mitt romney reminded us by not releasing his tax returns, is extremely low. so to my mind, what this deficit reduction debate is about is asking the wealthiest people, the large corporations to help us with deficit reduction and give a break for a change to the middle class and working families. >> as you say, one that would mean less money for seniors with the social security adjustment is off the table, are you more optimistic about getting a deal done. >> we still have a long way to go. >> what do you see as the major sticking point? >> one of the sticking pointing, what the republicans want to do is continue the 2010 agreement on lower estate tax rates, which means, chris, $120 billion tax break over a ten-year period for the top 0.2 of 1%. they get $120 billion tax break. and people come forward and say we're very serious about deficit reduction. thir
who should pick up the burden for deficit reduction? working people who have seen their wages go down or the top 2% who have done phenomenally well, while their effective tax rate, as mitt romney reminded us by not releasing his tax returns, is extremely low. so to my mind, what this deficit reduction debate is about is asking the wealthiest people, the large corporations to help us with deficit reduction and give a break for a change to the middle class and working families. >> as you...
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Dec 31, 2012
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a dog to be reducing the deficit and debt. they say they want higher taxes on people in this country to pay for new spending. >> you have spoken a few times with the prize -- the vice president and it seems they have been able to come up with bipartisan deals. did he give you an indication that you just had with fellow republicans that it may be an avenue of success? >> there were conversations and discussions between us and we remain hopeful that it will be a breakthrough. obviously, what happened here between the two leaders in the senate had broken down because they had come forward with a counter offer to what republicans said last night. hopefully the discussions between the vice-president and senator mcconnell will get us back on track and we will have a breakthrough and something we can vote on today or tomorrow to avert what we all believe would be an economic disaster. >> harry reid is as if you cannot come up with something by tonight that he will push a scaled-down version of what the president asked for, the tax cu
a dog to be reducing the deficit and debt. they say they want higher taxes on people in this country to pay for new spending. >> you have spoken a few times with the prize -- the vice president and it seems they have been able to come up with bipartisan deals. did he give you an indication that you just had with fellow republicans that it may be an avenue of success? >> there were conversations and discussions between us and we remain hopeful that it will be a breakthrough....
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these tax increases for the rich or not, as you know, you've said, we still have a trillion-dollar deficit. we have a lot of work to do. >> we do. all i ask is that we get the work done. steven moore, always a pleasure. thank you. we'll talk to you a lot in 2013. >>> up next, the great tax debate that steven was just talking act. does raising tax on the wealthy really hurt the economy? i'll give you an answer. s. but you're progressive, and they're them. yes. but they're here. yes. are you...? there? yes. no. are you them? i'm me. but those rates are for... them. so them are here. yes! you want to run through it again? no, i'm good. you got it? yes. rates for us and them -- now that's progressive. call or click today. meet the 5-passenger ford c-max hybrid. when you're carrying a lot of weight, c-max has a nice little trait, you see, c-max helps you load your freight, with its foot-activated lift gate. but that's not all you'll see, cause c-max also beats prius v, with better mpg. say hi to the all-new 47 combined mpg c-max hybrid. >>> the biggest issue is tax increases. many republicans s
these tax increases for the rich or not, as you know, you've said, we still have a trillion-dollar deficit. we have a lot of work to do. >> we do. all i ask is that we get the work done. steven moore, always a pleasure. thank you. we'll talk to you a lot in 2013. >>> up next, the great tax debate that steven was just talking act. does raising tax on the wealthy really hurt the economy? i'll give you an answer. s. but you're progressive, and they're them. yes. but they're here....
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still looking at trillion-dollar deficit. that just goes to show spending cuts. right now we don't have them. talks about them and there is accounting fuzzy math going on but there is not any serious entitlement reform. we can't just wait and talk about that in january. needs to be included in any package before we go forward. >> you know, juan, the point she is making when we talk about spending cuts. basically a guy pulling the olives off a meat lover's pizza and saying he is on a diet. something so incidental and ignoring this huge huge problem this black hole that is spending. it's true. we are going nowhere. >> no, i disagree. you know what? >> you like picking the olives off. that's you and spending cuts. >> not only that i like it when the an chofs because then getting lot of antioxidants with my pizza and i feel good about eating the pizza even though i'm bloated. when you look at the reality. alice says the president hasn't put any spending on the table. wrong, the president has left wing face furious with him, alice, because he said we will will put the
still looking at trillion-dollar deficit. that just goes to show spending cuts. right now we don't have them. talks about them and there is accounting fuzzy math going on but there is not any serious entitlement reform. we can't just wait and talk about that in january. needs to be included in any package before we go forward. >> you know, juan, the point she is making when we talk about spending cuts. basically a guy pulling the olives off a meat lover's pizza and saying he is on a diet....
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tax hikes on the rich alone will not put all that much of a accident in the national deficit. you could take away every dollar from the top 1% earners and it wouldn't fill the gap. we heard earlier in the week about chained cpi, a suggestion john boehner made for his proposal. christine? >> chain cpi would change the way the federal government calculates inflation, which could stave federal government $300 billion over the next decade if implemented. the consumer price index measures how much they go up by tracking a basket of goods that americans typically buy. this is important because it's used to calculate cost of living adjustments and social security. checks pay a little more each year in line with inflation as calculated by that consumer price index. now, one potential flaw in the system, consumer price index assumes people don't change their basket, if, say, the price of meat goes up. in other words, they don't switch from meat to chicken because the price of beef has gone up. they don't switch from, say, arugula to, i don't know, iceberg lettuce. it doesn't account fo
tax hikes on the rich alone will not put all that much of a accident in the national deficit. you could take away every dollar from the top 1% earners and it wouldn't fill the gap. we heard earlier in the week about chained cpi, a suggestion john boehner made for his proposal. christine? >> chain cpi would change the way the federal government calculates inflation, which could stave federal government $300 billion over the next decade if implemented. the consumer price index measures how...
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it would have an impact on the deficit. the president and democrats said they would like to have more deficit reduction but they don't want middle income seniors paying for that. it's a tough, tough point. the president said he would be open to entitlement changes in a bigger, broader deal. that's not what this was intended to be in the last 48 hours or so. i don't have a crystal ball. the moment we are in right now, it's not looking good. >> kelly o'donnell, live on capitol hill. we will check back in with you. thank you so much. again, the update, the highlight there from kelly o'donnell. there's been a major setback at this point in negotiations. according to democratic sources telling some democrats they are in a worse place in the negotiations now than they have been in some time. we're keeping a close eye on capitol hill. all the fiscal cliff business, maybe we put it aside at some point. we are not going to talk about that. by all accounts, 2013 should be a year of economic recovery. it should be. in a new article in
it would have an impact on the deficit. the president and democrats said they would like to have more deficit reduction but they don't want middle income seniors paying for that. it's a tough, tough point. the president said he would be open to entitlement changes in a bigger, broader deal. that's not what this was intended to be in the last 48 hours or so. i don't have a crystal ball. the moment we are in right now, it's not looking good. >> kelly o'donnell, live on capitol hill. we will...
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it ought to be about reducing the deficit and the debt and what they are essentially suggesting is we want new taxes, we want higher taxes on people in this country to pay for new spending. >> senator, senator mcconnell has spoken a couple times with the vpz. we have seen in the past that the two of them have been able to come up with bipartisan deals to get through congress on taxes and other things. did he give you an indication in the meeting you just had with rank and file republicans that might be an avenue of success? >> there -- those conversations and discussions continue. and we remain hopeful that that will get a breakthrough. on veryiously, what had happened here between the two leaders in the senate had broken down because the senate democrats failed to come forward with a counteroffer to the proposal republicans made last night. so hopefully, the discussions between the vice president and senator mcconnell will get us back on track, hopefully get a breakthrough and something we can vote on, hopefully today or tomorrow that will avert what we believe will be an economic di
it ought to be about reducing the deficit and the debt and what they are essentially suggesting is we want new taxes, we want higher taxes on people in this country to pay for new spending. >> senator, senator mcconnell has spoken a couple times with the vpz. we have seen in the past that the two of them have been able to come up with bipartisan deals to get through congress on taxes and other things. did he give you an indication in the meeting you just had with rank and file republicans...
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unemployment insurance is available for 2 million people, and it lays the groundwork for additional deficit reduction and economic growth steps that we can take in the new year. let us not miss this deadline. that is the bare minimum we should be able to get done. it should not be hard since democrats and republicans say they do not want to see taxes go up on middle-class families. i have to repeat -- outside of washington, nobody understands how it is that this seems to be a repeat pattern over and over again. ordinary folks -- they do their jobs. they meet deadlines. they sit down and they discuss things and then things happen. if there are disagreements, they sort through the disagreements. the notion that our elected leadership cannot do the same thing is mind-boggling to them. it needs to stop. i am modestly optimistic that an agreement can be achieved. nobody will get 100% of what they want. let us make sure that middle- class families and the american economy and the world economy are not adversely impacted because people cannot do their jobs. thank you very much, everybody. >> today
unemployment insurance is available for 2 million people, and it lays the groundwork for additional deficit reduction and economic growth steps that we can take in the new year. let us not miss this deadline. that is the bare minimum we should be able to get done. it should not be hard since democrats and republicans say they do not want to see taxes go up on middle-class families. i have to repeat -- outside of washington, nobody understands how it is that this seems to be a repeat pattern...
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this is not a deficit reduction deal that will stabilize the debt to gdp ratio and that has to be -- that has to be one of the goals of a broader deal that now we're probably going to be looking for on the other side of the cliff. >> yeah. i don't know. it doesn't seem to be any part of the president's goal. jared, good to see you always. jimmy, you, too. we'll get you guys back in just a few minutes. we'll get you to the roundtable if you haven't had enough yet. what will it mean for banks? new analysis shows that the expiration ever tax cuts will improve bank savings in 2013, by, listen to this, 54%. in other words, people will need to pull their cash savings out to pay for higher taxes. here now is dan geller, executive vice president of market rates insight. dan, good to have you here. walk me through this math. you're saying the average american is going to put 54% less into savings this year because if we go over the fiscal cliff? explain. >> yeah. let's go back, michelle because the amount of taxation on an average household is effort mated at $2600, and right now the average
this is not a deficit reduction deal that will stabilize the debt to gdp ratio and that has to be -- that has to be one of the goals of a broader deal that now we're probably going to be looking for on the other side of the cliff. >> yeah. i don't know. it doesn't seem to be any part of the president's goal. jared, good to see you always. jimmy, you, too. we'll get you guys back in just a few minutes. we'll get you to the roundtable if you haven't had enough yet. what will it mean for...
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paul ryan, the big deficit guy, or so he says, he was on the simpson-bowles commission, and he voted against it, as did every other house republican on the commission. the white house saw no reason to embrace something that raised taxes so sky high and so the white house brought out something that was frankly to the right of simpson-bowles. their budget was to its right and they thought it had a better chance of passing. they thought it was a compromise. but the house republicans did not respond the same way. when they brought out the ryan budget, which was their budget alternative, they didn't compromise. they went way to the right. there was no compromise in it at all. that is fact number one. number two, in 2010 republicans won the midterm election. 2011 the white house agreed to a deal that was all spending cuts. it is the budget control act. it cuts spending by $1.8 trillion over the next decade. except for an increase in pell grants, the bill is all cuts, no taxes. and democrats agree to that. they agreed. that is fact number two. fact number three. at this point even after win
paul ryan, the big deficit guy, or so he says, he was on the simpson-bowles commission, and he voted against it, as did every other house republican on the commission. the white house saw no reason to embrace something that raised taxes so sky high and so the white house brought out something that was frankly to the right of simpson-bowles. their budget was to its right and they thought it had a better chance of passing. they thought it was a compromise. but the house republicans did not...
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. >> if this can make the deficit worse in a relatively small way. supermarkets are not going to be able to sell milk at $8 a gallon. the government will buy it at that price or a much higher price than it's paying now, under the 1949 law when cows were milked by hand instead of machines. it will have to sell that milk at a loss. >> yeah, and selling at a loss is going to do tremendous damage to that industry. what would the real world impact of a price hike like this be. >> if milk went up that much, you would see a huge change in the dietary habits of americans, including children. they would be drinking water and soda. remember we have all these sugary drinks that people are letting their children have. and you would see this big shift away from milk toward those kinds of drinks. the real underlying story here, i think the important one is about how we are seeing the way the republicans are likely to behave for the next two years, i think this is going to turn out to be an extraordinarily difficult and weird and unusual period in american history.
. >> if this can make the deficit worse in a relatively small way. supermarkets are not going to be able to sell milk at $8 a gallon. the government will buy it at that price or a much higher price than it's paying now, under the 1949 law when cows were milked by hand instead of machines. it will have to sell that milk at a loss. >> yeah, and selling at a loss is going to do tremendous damage to that industry. what would the real world impact of a price hike like this be. >>...
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you know as well as i do this does nothing to deal with the $1 trillion plus deficits we have yearly. this is the fifth year in a row, we're going to have $20 trillion worth of debt on top of $48 trillion worth a long-term liabilities by the time mr. obama leaves office. this is the time to deal with this issue. we've been kicking it down the road ten years. we promised the nation in 2011 under the budget deal with the sequesters we would not let this get away from us. we shouldn't this time. for mr. obama to suggest i've cut a trillion in spending because he saved money on the wars in afghanistan is gimmicks. they a work. >> i have to be honest, it's both sides. it strikes me these lawmakers on either side don't have a real fix to what we're looking at, the national debt, screaming out of control. we're going to exceed that limit on monday night. >> i wouldn't disagree but look at the facts. we did have a republican controlled congress that passed a bill. if reid didn't like the bill, let it go for debate. let his senate vote it down and say no, we're not going to accept these condit
you know as well as i do this does nothing to deal with the $1 trillion plus deficits we have yearly. this is the fifth year in a row, we're going to have $20 trillion worth of debt on top of $48 trillion worth a long-term liabilities by the time mr. obama leaves office. this is the time to deal with this issue. we've been kicking it down the road ten years. we promised the nation in 2011 under the budget deal with the sequesters we would not let this get away from us. we shouldn't this time....
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we have got social security, record number of people on disability, record deficit for social security, $47 billion a year, almost $1 billion a week flowing out more than coming in and young people, you voted for no change to entitlement, keep on paying for old people. what is going on? >> that is right. jasey told us to vote for barack obama. the irony is many young people look at social security and may know it is not going to be around for them in the future. they are not planning their lives and certainly not their retirement banking on social security solvency. the problem is you have the republican party who rrfuses to address letting younger workers invest their own money into their own retirement programs because they view it as a death knell of the voting booth. there is that problem. you are absolutely right. i don't view social security being around for me. how idiotic government bureaucrats are today, the social security administration claims theyyare running not a deficit of $47 billion that actually running a surplus of $65 billion because of all the ious from the treasur
we have got social security, record number of people on disability, record deficit for social security, $47 billion a year, almost $1 billion a week flowing out more than coming in and young people, you voted for no change to entitlement, keep on paying for old people. what is going on? >> that is right. jasey told us to vote for barack obama. the irony is many young people look at social security and may know it is not going to be around for them in the future. they are not planning...
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so all of this takes place against a debate about how to reduce the budget deficit. that's why you get into this theater of the absurd. >> well, and look at the tape you showed at the opening of the program with keith boykin over and over again showing the dysfunction of congress. they made this so onerous with the belief it would make them do something less onerous and now they're right up against it. >> they really know how to make these crises happen. political correspondent and writer, john howard, thank you very much for joining me and former labor secretary robert reich, thank you for joining me tonight. >>> coming up, the nra has done much more damage than you think. and they've made gun ownership much harder to trace. >>> and the romneys keep trying new explanations for why mitt lost. but they aren't getting any closer to the truth. and as some of you on twitter already know, i am wearing a christmas gift or two on the show tonight. there is still time to tweet your guesses about what it is. the answer to what christmas gift or gifts am i wearing is coming up
so all of this takes place against a debate about how to reduce the budget deficit. that's why you get into this theater of the absurd. >> well, and look at the tape you showed at the opening of the program with keith boykin over and over again showing the dysfunction of congress. they made this so onerous with the belief it would make them do something less onerous and now they're right up against it. >> they really know how to make these crises happen. political correspondent and...
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policy, and that bit of detail he gave a week ago in a speech is basically derived from the larger deficit proposal offered over, really, the last couple years as president of the united states. we're waiting whether or not in the meeting, lasting an hour at the white house, started at 3:10, is whether or not they made progress towards changing that proposal in a fashion to pass the house of representatives or make it viable for some senate republicans to join with that. the president, the administration officials say they offered the proposal as a way to get republicans to come back with something else, they say. if not, the president wants this plan to be voted on in the house and to be voted on in the senate. this proposal is unlikely, would be making it through the house unless there's progress made off the president's opening offer, a very old offer, then we're in trouble. back to you david: that's why s&p futures went down after the bell, focused on what happens with no progress. that may change. the president is still meeting on both sides. we'll wait and see what happens when they
policy, and that bit of detail he gave a week ago in a speech is basically derived from the larger deficit proposal offered over, really, the last couple years as president of the united states. we're waiting whether or not in the meeting, lasting an hour at the white house, started at 3:10, is whether or not they made progress towards changing that proposal in a fashion to pass the house of representatives or make it viable for some senate republicans to join with that. the president, the...
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this is it the largest deficit reduction in history. >> president bush. >> american families have to balance their budgets and so should the government. >> and president. >> ever day families sacrifice to live in their means and they deserve a government to do the same. >> boehner insists that the president is singing a different tune. >> it is clear that the president is not serious about cutting speppeding, but speppeding is the problem. >> you can hear the talking heads every day and back and forth every day. but have you tried to get your head around how much the government doles out every day. what is the basic math we have the problem. >> in the month of november. the government brought in five billion worth of revenue . we spend more than 11 billion a day. the difference as you can clearly see is roughly six billion dollars. so how can we keep speppeding more than we take in? the econist said we can't. the government spends more than 11 billion a day. where does thity of the money g. top four outlays. department of health and human services that goes through three billion of t
this is it the largest deficit reduction in history. >> president bush. >> american families have to balance their budgets and so should the government. >> and president. >> ever day families sacrifice to live in their means and they deserve a government to do the same. >> boehner insists that the president is singing a different tune. >> it is clear that the president is not serious about cutting speppeding, but speppeding is the problem. >> you can...
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the deficit and the debt and that is happening today to put a patch on not going over the cliff. there has to be new revenues and some entitlement reform, and cpi is the most painless way to do it. and the president offered it in a deal as recently as a week or two ago, and spending cuts, but right now, it is not a grand bargain, because we have the debt ceiling hanging out in two months. this is an attempt to avoid political pain and going over the cliff and we can't get an agreement on a patch with less than 36 hours to go. >> and don, this is the problem, something is the going to hurt. we can't get out with no pain, and we have all sorts of things and nobody wants to pay for it, don. >> you two are fired up, too. and the people at home are too, right. >> and 516 days since we knew that the deadline would come. >> and right at the deadline, and they are going home. >> right. and we are not. >> we are not. we will be here until who knows. okay. a stalemate or breakthrough? with hours to go, lawmakers are searching for a compromise. what are the chances of reaching a deal in was
the deficit and the debt and that is happening today to put a patch on not going over the cliff. there has to be new revenues and some entitlement reform, and cpi is the most painless way to do it. and the president offered it in a deal as recently as a week or two ago, and spending cuts, but right now, it is not a grand bargain, because we have the debt ceiling hanging out in two months. this is an attempt to avoid political pain and going over the cliff and we can't get an agreement on a...
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got a debt and deficit issue, debt-to-gdp issue way too high, approaching european levels, and we've got to solve it. >> such a pity that is it has to go down to the weather. >> my pleasure. >> the market is senting a happy new year. but now it's down just 16 points. >> feels like we're on thin as i aid with some so are you pouring your money into seconds sis no way. outdorg kay bailey hutchison is with us. kwoind out if she thinks there's room for a deal after the house reconvenes on sunday. stay tuned. [ male announcer ] you are a business pro. omnipotent of opportunity. you know how to mix business... with business. and you...rent from national. because only national lets you choose any car in the aisle. and go. you can even take a full-size or above. and still pay the mid-size price. i could get used to this. [ male announcer ] yes, you could business pro. yes, you could. go national. go like a pro. >>> and there's your green, the doug, s&p and even the s&p are now all slightly in the green now. what happened here as, of course, the dow was down earlier today by nearly 150 points
got a debt and deficit issue, debt-to-gdp issue way too high, approaching european levels, and we've got to solve it. >> such a pity that is it has to go down to the weather. >> my pleasure. >> the market is senting a happy new year. but now it's down just 16 points. >> feels like we're on thin as i aid with some so are you pouring your money into seconds sis no way. outdorg kay bailey hutchison is with us. kwoind out if she thinks there's room for a deal after the house...
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that plan would have dealt with tax reform and deficit reduction and this will be a much more scaled back version that will deal with the issue of taxes and that is still the big sticking point, taxes. of course, democrats and president obama have called for tax rates to increase on those making $250,000 or less. republicans have said that's way too low. so they're thinking about potentially compromising on a rate that would be $400,000 or $500,000, but some republicans are saying they don't think that the tax rate should go up on anyone. so taxes still the major sticking point. right now the negotiations are going on the hill and there's a lot of optimism that came from the talks yesterday. of course, president obama hosted congressional leaders at the white house and they left that meeting and many said that it was constructive and they were optimistic that a deal could get done and i've been talking to my sources today and that same optimism isn't really present right now. there's more skepticism about a deal getting done and it is still very early in this process and this is a fl
that plan would have dealt with tax reform and deficit reduction and this will be a much more scaled back version that will deal with the issue of taxes and that is still the big sticking point, taxes. of course, democrats and president obama have called for tax rates to increase on those making $250,000 or less. republicans have said that's way too low. so they're thinking about potentially compromising on a rate that would be $400,000 or $500,000, but some republicans are saying they don't...
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theses why we're getting massive deficits today. we have never had anything like this without a major war. you can rightly wrap the knuckles of george bush, but that does not excuse president obama for what he has done. democrats and republicans share blame for what happened with the federal reserve, not calling them to read and counto account. even though i am a republican, i am for candidates who do those things. host: c-span democrat tweets in, which your flat tax treat capital gains as income? guest: my proposal would not. if you get the rate low enough, that would be a compromise i would be happy to make. that is a kind of conversation we should be having, how we get the rate as low as possible. if you get that very low rate, i will be a supporter of it. host: independence day tweets in, are you telling us you will stop investing if capital gains rate goes up to equal the ordinary income rate? guest: it is not a matter what we do in our own business, media has gone through a real convulsion. in terms of when you make an investm
theses why we're getting massive deficits today. we have never had anything like this without a major war. you can rightly wrap the knuckles of george bush, but that does not excuse president obama for what he has done. democrats and republicans share blame for what happened with the federal reserve, not calling them to read and counto account. even though i am a republican, i am for candidates who do those things. host: c-span democrat tweets in, which your flat tax treat capital gains as...
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lays the groundwork for work on growth and deficit reduction. that is an achievable goal. >> today's meeting is the first with the president since november 16. sign for republicans that mr. obama has not really been pushing that hard for a deal. >> we need presidential leadership on in the just taxing rich people. >> three words the president did not use. he did not use the word sequester and he didn't say "debt ceiling" either. he focused most of his remarx on preventing taxes from going up. there are also massive spending cuts coming. no idea how they will avert that. he also did not mention the debt ceiling. earlier they wanted lifting the debt ceiling included. now it's clear it's not in the short-term package that guarantees if they get a short-term deal here, we have major budget battles coming. >> the key to any good negotiation each side has to give up something. near and dear to their heart. what is it, as succinctly as you imagine, both sides have given up? >> both sides say the president started on threshold of tax cut of $250,000. ne
lays the groundwork for work on growth and deficit reduction. that is an achievable goal. >> today's meeting is the first with the president since november 16. sign for republicans that mr. obama has not really been pushing that hard for a deal. >> we need presidential leadership on in the just taxing rich people. >> three words the president did not use. he did not use the word sequester and he didn't say "debt ceiling" either. he focused most of his remarx on...
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if we have normal economy we would have 500 billion more in revenue today which would cut the deficit by 40 or 50%. that does it. >> what is the most we can hope for from these guys? they will work over the new year's holiday. i know what you want. you want a flat tax. i know your wish-list but what is the best we can hope for? >> best we can hope for they all realize they will all get the blame. for once, kick the can down the road. you will not reform the tax code in 72 hours between now and new year's. entitle manlts and everything else. put it off for 60 days. begin to do real reformation of the tax code. to allow us to go off the fiscal cliff is preposterous. david: when you say a 60-day hold does that mean the president, the president says we should at least make sure taxes for those making under $200,000 doesn't go up but everybody else's taxes should go up. >> they should put everything off 60 to 90 days and sit down after new year's and say how we get the economy moving again? i think it will be clear early next year we're starting to slow down. republicans should hammer home
if we have normal economy we would have 500 billion more in revenue today which would cut the deficit by 40 or 50%. that does it. >> what is the most we can hope for from these guys? they will work over the new year's holiday. i know what you want. you want a flat tax. i know your wish-list but what is the best we can hope for? >> best we can hope for they all realize they will all get the blame. for once, kick the can down the road. you will not reform the tax code in 72 hours...
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it ought to be about reducing the deficit and the debt, and what they are essentially suggesting is we want new taxes. we want higher taxes on people in this country to pay for new spending. >> so what happens next? with us nbc news capitol hill correspondent mike vic rah and nbc news white house correspondent kristen welker. mike, let's get started with you. what's happening right now in the senate. i understand there's an update on the chained cpi. >> reporter: they say the darkest hour right before the dawn, melissa. everybody ought to hope that's true, at least if you don't want to see your taxes go up on midnight on monday and tuesday night because everything seems to be at a standstill right now. let's review the bidding. here it is from a republican source here on the republican side of capitol hill. all day yesterday they were trading proposals back and forth. by his count two democratic offers came back to republicans and four came back from republicans to democrats. the last one being at 7:00 last night, and, boom, after that, things pretty much came to a standsti standstill.
it ought to be about reducing the deficit and the debt, and what they are essentially suggesting is we want new taxes. we want higher taxes on people in this country to pay for new spending. >> so what happens next? with us nbc news capitol hill correspondent mike vic rah and nbc news white house correspondent kristen welker. mike, let's get started with you. what's happening right now in the senate. i understand there's an update on the chained cpi. >> reporter: they say the...
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but 90 million is not that much, especially when you consider the federal deficit is $16 trillion and climbing. to retire the debt, every single american would have to pay $50,000. but garcia says you got to start somewhere, especially when washington won't. the partisan fighting has bothered him since? 1992, when he first wrote his congressman, suggesting a formula to put down the debt. the veteran says he is giving back to a country that has given him so much. a sense of duty, that is infectious. his daughter is now collecting cans at work. his grandson drives garcia to friends' houses, just to collect more cans. garcia knows that his monthly money orders won't avert the fiscal cliff. but they say that is not the message garcia is sending to congress. >> in order to really solve the $16 trillion national debt you have to sacrifice. >> reporter: politicians talk about kicking the can down the road. one american has decided that road has to end. and it might as well be here. kyung lah, cnn, san antonio, texas. >>> back in a moment. it's lots of things. all waking up. connecting to the
but 90 million is not that much, especially when you consider the federal deficit is $16 trillion and climbing. to retire the debt, every single american would have to pay $50,000. but garcia says you got to start somewhere, especially when washington won't. the partisan fighting has bothered him since? 1992, when he first wrote his congressman, suggesting a formula to put down the debt. the veteran says he is giving back to a country that has given him so much. a sense of duty, that is...
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so this tax increase will take care of maybe 3 to 7% of the deficit. he has talked about a balanced approach. what is the solution for the other 93%? that's what we have to start getting our arms around. creditors around the world, at some point are going to take a look at the united states government and say, we are not going to loan you money. when the interest rates inch up, we crowd out all kinds of spending. if we revert to the average interest rate we had from 1970 to 1999, 5.3% that, cost $600 billion per year in added interest expense. that's what we are trying to avoid with a fiscally responsible plan. >> we stand by with you and the rest of the folks on the hill to see what you get today. we wish you all the best in finding a solution. >> thank you. >> the president is blaming congress, specifically republicans in the house, republicans blame the president. who do the american people think is at fault? we have our spokesperson for the dnc and for the rnc. >> good to be with you. we be that the polling is not good for anybody in washington, wh
so this tax increase will take care of maybe 3 to 7% of the deficit. he has talked about a balanced approach. what is the solution for the other 93%? that's what we have to start getting our arms around. creditors around the world, at some point are going to take a look at the united states government and say, we are not going to loan you money. when the interest rates inch up, we crowd out all kinds of spending. if we revert to the average interest rate we had from 1970 to 1999, 5.3% that,...
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Dec 28, 2012
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i'm shaving a little bit off of this year's deficit. we're going to have fiscal problems for as far as the eye can see, an here's where an investor, a smart investor is going to want to diversify, especially into things like tangible assets like gold. >> you're going to make the case for gold here, which, you know, has had a heck of a run for the last decade or so, but it has started to show signs of wear and tear. what would propel gold from here necessarily? >> well, two things that i would have your viewers take a look at. the first is the reason why gold has kind of flattened out at about 1650 or so is because a huge amount of supply has come on the market. there's a lot of profit-takers who are worried about increased taxes next year. as you said, they have made a lot of money on gold, so they are selling it right now and locking in those profits. the other thing to look at that very few investors have caught on to but when i was at the mint we studied this, gold demand and gold prices correlate very well with the national debt cei
i'm shaving a little bit off of this year's deficit. we're going to have fiscal problems for as far as the eye can see, an here's where an investor, a smart investor is going to want to diversify, especially into things like tangible assets like gold. >> you're going to make the case for gold here, which, you know, has had a heck of a run for the last decade or so, but it has started to show signs of wear and tear. what would propel gold from here necessarily? >> well, two things...
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Dec 24, 2012
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the grand bargain, something to prevent taxes going up, and also lay the groundwork potentially for deficit reduction in the future. i think you will see president obama cut his vacation short, and continue to play a role in those negotiations. richard. >>> kristin, over the weekend, he attended the funeral for the late senator inouye, who he has called an inspiration to him. what did you see in that service? >> well, more than 20 members of congress attended, mostly democrats, majority leader harry reid spoke and praised senator inouye for his partisan spirit, reaching across the aisle. of course in an earlier memorial service, the president called the late senator his earlier inspiration, on a a lot of members of congress came together to pay their respects. >> thank you, kristin. >>> if congress and the president fail to reach a deal, the impact is as unlikely as immediate as the term "fiscal cliff" seems to imply. the expiration of the tax cuts with a $2200 average tax high. the payroll tax cut would also expire meaning another $40 a paycheck and long-term unemployment benefits would en
the grand bargain, something to prevent taxes going up, and also lay the groundwork potentially for deficit reduction in the future. i think you will see president obama cut his vacation short, and continue to play a role in those negotiations. richard. >>> kristin, over the weekend, he attended the funeral for the late senator inouye, who he has called an inspiration to him. what did you see in that service? >> well, more than 20 members of congress attended, mostly democrats,...
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Dec 29, 2012
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is in the white house, deficits don't matter. can you tell us a little bit about the philosophies of the two candidates? well now, the president and the ex-candidate. will the situation be that much different if there was a different man in the white house? guest: well, look, it's an interesting question. it is certainly true that tax policy was one of the key sort of issues in the last election. and actually, the debate that we're having if it sounds familiar, it's because we've had it several times before. it was really a similar debate to what we had in 2008. we had the same debate in 2010. we had a similar debate in 2011 when we were dealing with the debt ceiling issue the first time around. and we dealt it with it in the last election. and the differences have always been that president obama has maintained that tax cuts should be allowed to expire for people making more than $250,000. mitt romney called for extending all the tax cuts fully. and making other changes to the tax code. but, you know, i mean, he wouldn't be in o
is in the white house, deficits don't matter. can you tell us a little bit about the philosophies of the two candidates? well now, the president and the ex-candidate. will the situation be that much different if there was a different man in the white house? guest: well, look, it's an interesting question. it is certainly true that tax policy was one of the key sort of issues in the last election. and actually, the debate that we're having if it sounds familiar, it's because we've had it several...
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Dec 28, 2012
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they did not show as a deficit. while the budgets looked reasonable during that time, the actual spending was greater. people did not pay as much attention to the debt. it just kept mounting and growing. we borrowed to pay for the worse when we did not ask people to make sacrifices financially. there is a difference between borrowing in the future, pang forward and backwards, or having to pay right now. people might have felt differently if they had felt a pinch right at the time. they would have asked different questions than were asked. that is one of the reasons we got where we are. >> could you have been any more vocal about appropriations? >> i was vocal. when i got on the appropriations committee, i became chairman of the legislative branch. that is everything, all of the buildings. office buildings, 1700 capitol police forces, and all of their help, support staff. i held the growth flat. then we cut it by almost 5%. this time around, we let it grow a little bit higher. protect the dome so it did not fall in.
they did not show as a deficit. while the budgets looked reasonable during that time, the actual spending was greater. people did not pay as much attention to the debt. it just kept mounting and growing. we borrowed to pay for the worse when we did not ask people to make sacrifices financially. there is a difference between borrowing in the future, pang forward and backwards, or having to pay right now. people might have felt differently if they had felt a pinch right at the time. they would...
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Dec 26, 2012
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. >> catherine, isn't it their deficit in large part deficit? >> of course, but they have political amnesia. ideology is the science of idiots. here's one of these moments where when you live inside the box and refuse to look at empirical evidence, refuse to understand history to show us how economies work, how tax cuts or increases affect populations, then they are going to follow this line of idiocy over their own, i think, political cliff. and the partisanship is going to wreak tremendous havoc on the republican party in the upcoming elections. >> we have limited time. i want to go back to john harwood. is there a time here, john, when we're going to see the markets start to react or are we expecting most traders to wait until after the first to make big decisions? >> i think that's when they reacted. if we go over the cliff, even for a couple of days, you're going to see a reaction. i think at the end of the day you will see action if we go over the cliff for a couple of days, because i don't agree with jonathan that they are immune to publi
. >> catherine, isn't it their deficit in large part deficit? >> of course, but they have political amnesia. ideology is the science of idiots. here's one of these moments where when you live inside the box and refuse to look at empirical evidence, refuse to understand history to show us how economies work, how tax cuts or increases affect populations, then they are going to follow this line of idiocy over their own, i think, political cliff. and the partisanship is going to wreak...
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Dec 27, 2012
12/12
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. >>> it looks like they're pointing -- >> and politicians, and so what we're sealing is -- for deficit reduction. and spend seg cuts off their shoulders, and make it inevitable, saying, you know what? it didn't just happen to them. they pass the sequester, which contained severe, rapid definite at this time reduction. it was almost inevitable, almost the moment they passed the sequester. >> to you, ryan, i was alluding to how both sides are saying different things. two members of the house said this last hour. we had one democrat and one republican. take a listen. >> i think there's still a chance to get something done. that's what happened in the budget deal, i think that's what will happen again. >> it seems like they could even say what will happen. at this point i'm going to side with pollsters saying it won't happen. boehner is at his weakest point ever. to push something through. doing that would weaken him even further. he still needs to be elected speaker on january 3rd. if you're boehner, you let this thing slide past january 3rd, getting yourself elected, and then do what you
. >>> it looks like they're pointing -- >> and politicians, and so what we're sealing is -- for deficit reduction. and spend seg cuts off their shoulders, and make it inevitable, saying, you know what? it didn't just happen to them. they pass the sequester, which contained severe, rapid definite at this time reduction. it was almost inevitable, almost the moment they passed the sequester. >> to you, ryan, i was alluding to how both sides are saying different things. two...
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Dec 22, 2012
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the irony of this all, we had $5.5 trillion of deficit reduction on the table, and nobody wanted to go there. so it's -- it's a situation fraught with irony but with very serious consequences for the economy. >> alex? >> yeah. >> i wanted to say quickly, the difference in the split within the caucus there, say significant chunk of members who will privately say i get the problem with getting this done and want to be pragmatic about it. mitch mcconnell at this moment may help harry reid make that happen in a very quiet way. but have you other peop but you have other people who simply won't follow. it's difficult to lead people who are not playing by the normal rules of pragmatic politics and compromise, giving their views are out of step with the country. >> i will tell you, the representative is nodding with you in agreement. representative john yarmuth and mr. john harwood. thank you, happy holidays. >> same to up. >>> straight ahead, pulitzer-prize winning author john mae meacham, and the impact that the benghazi report may have on hillary clinton's possible run. if you think running
the irony of this all, we had $5.5 trillion of deficit reduction on the table, and nobody wanted to go there. so it's -- it's a situation fraught with irony but with very serious consequences for the economy. >> alex? >> yeah. >> i wanted to say quickly, the difference in the split within the caucus there, say significant chunk of members who will privately say i get the problem with getting this done and want to be pragmatic about it. mitch mcconnell at this moment may help...
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Dec 27, 2012
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that's a healthy start but such a baby step when you're debading $100 billion out of a $1.3 trillion deficit. that's not draconian, that's not even that serious. >> warner: let me ask you this. the tea party has been since its -- at least inception when it burst on the national scene in '09 against the obama health care plan. been very vocal, had rallies and protests voiced its view and put pressure on lawmakers. they have not done that this -- in this go-round. there's no rallies calling on members of congress to stand firm against any compromise. what what explains that? >> i think it's a seshl movement and it's evolved dramatically from those protests in 2009. we were involved in those and those were very important at that time. you're seeing an evolution in developing sophistication at the very local level amongst activists. they're very aware of what's going on on the fiscal cliff. they're very aware of what a budget resolution is and you see that pressure applied to both republicans and democrats. >> warner: quietly. >> well, we're not a protest movement anymore. we're something else.
that's a healthy start but such a baby step when you're debading $100 billion out of a $1.3 trillion deficit. that's not draconian, that's not even that serious. >> warner: let me ask you this. the tea party has been since its -- at least inception when it burst on the national scene in '09 against the obama health care plan. been very vocal, had rallies and protests voiced its view and put pressure on lawmakers. they have not done that this -- in this go-round. there's no rallies calling...
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Dec 22, 2012
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became speaker, saying republicans would cut spending for every bill they passed that would add to the deficit. and then they had to exempt themselves from their own rule for the very first bill they introduced when the war on women thing really picked up pace and the republicans' incessant focus on abortion stuff started to hurt the party politically. you remember john boehner insisting over and over again that this anti-abortion stuff was a democratic conspiracy. republicans were not focused on war on women at all, jobs, jobs, jobs. the furthest thing was the anti-abortion legislation. they weren't even working on that. all the while he was making that case, his own republicans kept introducing more and more and more and more anti-abortion legislation. forget what john boehner says. he doesn't speak for us. since john boehner has been speaker, since early 2011, the house has had real trouble just doing basic run of the mill governing stuff. bills failing unexpectedly and needing to be pulled at the last minute and tried again. the republican leadership's own legislation failing to get enough
became speaker, saying republicans would cut spending for every bill they passed that would add to the deficit. and then they had to exempt themselves from their own rule for the very first bill they introduced when the war on women thing really picked up pace and the republicans' incessant focus on abortion stuff started to hurt the party politically. you remember john boehner insisting over and over again that this anti-abortion stuff was a democratic conspiracy. republicans were not focused...
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Dec 22, 2012
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unemployment insurance for 2 million americans and lays the groundwork for further work on both growth and deficit reduction. that's an achievable goal. that can get done in ten days. >> you know, president obama today could have come out, and he could have just punched boehner right in the nose. he could have come out and kicked the guy today when he was politically down. but the president came out today with a demeanor of, hey, let's do a deal. it was a rough night at the office, but let's not give up on this. president obama has gone back to the basics. the days of the grand bargain he knows are over. but the president wants an extension on tax cuts for income below $250,000, as well as extended unemployment benefits. what's wrong with that? spending cuts can be dealt with later on in the future. and, of course, as luck would have it, there is already a bill exactly like this sitting in the united states senate. harry reid passed it back in july, and republicans refused to vote on it. boehner, why don't you vote on that? the time for complaining about this deal, totally over. >> nobody can get
unemployment insurance for 2 million americans and lays the groundwork for further work on both growth and deficit reduction. that's an achievable goal. that can get done in ten days. >> you know, president obama today could have come out, and he could have just punched boehner right in the nose. he could have come out and kicked the guy today when he was politically down. but the president came out today with a demeanor of, hey, let's do a deal. it was a rough night at the office, but...
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Dec 30, 2012
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. >> with the deficit ticking higher -- >> it's disgusting. >> miss ing in all the last minute negotiations is talk of the 1.2 trillion in mandatory spending cuts scheduled to go into effect tuesday. >> the fiscal cliff count down is the big topic on this morning's fogs the morning -- face the nation. there's two big visitors. it starts right after this newscast at 8:30 on cbs 5. >>> plastic shopping bags may soon be the fast. >> the final 2 days for those bags in an entire bay area county. >> a 2012 close, a look back at some of the big stories in the usa. we'll be right back. ,,,,,,,,,,,,,, as the new year begins tues the new ban appl >>> 20 minutes before 8:00. one of the biggest counties is jumping on the plastic bag ban. the new ban applies to all of alameda county. the incorporated areas and all of its cities also. stores will no longer be able to give customers one time use plastic bags. customers must bring their own bags or pay 10 cents each for a recyclable paper bag. similar laws are in effect in san jose, san francisco and dozens of other california cities and counties. san jose
. >> with the deficit ticking higher -- >> it's disgusting. >> miss ing in all the last minute negotiations is talk of the 1.2 trillion in mandatory spending cuts scheduled to go into effect tuesday. >> the fiscal cliff count down is the big topic on this morning's fogs the morning -- face the nation. there's two big visitors. it starts right after this newscast at 8:30 on cbs 5. >>> plastic shopping bags may soon be the fast. >> the final 2 days for those...